For many families, real estate is the most important asset to pass on to children. Whether it is for sentimental value, present economic value, or the future potential for mineral rights resources, families often desire to preserve real estate for future generations. When long-term care is a possibility for parents in the future, irrevocable trusts can hold the key to preserving property and ensuring future value. While the “5-year look-back rule” should weigh heavy on every

Under certain circumstances, annuities can be a great planning tool for financial advisers (and even estate planners, in some cases). However, for Medicaid applicants, they cause significant hurdles to resource eligibility, because they can be treated as available resources and sometimes as gifts. This often comes as a shock to persons applying for Medicaid who are otherwise eligible for benefits. Since 2006, there has been no area of elder law litigation more uncertain than

Why would a young couples with one or more children need a Will? Two reasons: protecting your spouse and protecting your children. In Pennsylvania, if you die without a Will, the Commonwealth decides how to divide your property. A married person with one or more children will have his or her property split as follows: the first $30,000 of property will pass to the surviving spouse and the rest will be divided evenly between the surviving spouse and any children. If the deceas

Many families in northwestern Pennsylvania own real estate that has sentimental value from years of family vacations or significant financial value (due to years of ownership). In all cases, careful consideration should be made to ensure successful transition to the next generation(s). And in most cases, simply passing the property by Will is not sufficient. Goal-setting is key to successful transitions. First, which beneficiaries do you want to own the property in the future

Clients often ask how to ensure the efficient and cost-effective administration of their estates. While certain variables are out of your control, here are some steps you can take to ensure that your beneficiaries receive more of your Estate, and the lawyers receive less: Get a Will that is prepared by a knowledgeable estate planning lawyer (self-made Wills and form Wills from the internet inevitably result in higher lawyers' fees because they are not properly drafted); Avoid

The question sounds a bit silly, but many of us profess love for our pets, and few do any planning for our four-legged friends. Considering their importance to us during our life, it might be worthwhile to plan for their care upon our death. As the importance of therapy dogs and house cats increases, especially for the elderly, many pet owners may wish to give the matter some thought. To start, pets are considered property of a person's Estate, so your Executor will be the on

The number of persons calling our office to inquire about the definition of “probate” is staggering, and represents a gap in our collective knowledge as to how estate administration in Pennsylvania works. Understanding the definition of “Probate Estate” is essential to good planning for your future. First, a person's assets are either “probate” assets or “non-probate” assets. Probate Assets are assets that would become part of your Estate if you were to die. Such assets gener

As defined benefit pension plans increasingly become retirement vehicles of the past, more and more Americans are faced with important planning decisions regarding their individualized retirement savings plans. While IRAs and 401ks are great for retirement saving, they are not naturally geared towards inheritance planning, which creates a need for clients to consider future planning. IRAs and 401ks are generally “non-probate” assets, which means the funds in those accounts pa

Many clients go to a lawyer to prepare a Will and Powers of Attorney simply because they believe those are important documents to have in place. They are correct—everyone does need these documents. But the documents themselves are only part of the equation. Successful and effective estate planning requires a thorough review of each client's individual goals. Clients' goals fall into three broad categories: (1) inheritance/estate tax minimizing/avoidance, (2) certainty of disp